Monashee Investment Management LLC bought a new position in McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 275,000 shares of the basic materials company's stock, valued at approximately $2,076,000. Monashee Investment Management LLC owned 0.51% of McEwen as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Algert Global LLC lifted its position in McEwen by 145.2% in the 1st quarter. Algert Global LLC now owns 92,520 shares of the basic materials company's stock worth $699,000 after buying an additional 54,780 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of McEwen by 9.9% in the first quarter. American Century Companies Inc. now owns 101,508 shares of the basic materials company's stock worth $766,000 after buying an additional 9,162 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in McEwen by 15.0% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 459,289 shares of the basic materials company's stock valued at $3,444,000 after acquiring an additional 59,770 shares during the period. Jefferies Financial Group Inc. bought a new stake in McEwen during the 1st quarter valued at approximately $545,000. Finally, GSA Capital Partners LLP increased its position in McEwen by 53.3% during the first quarter. GSA Capital Partners LLP now owns 213,909 shares of the basic materials company's stock worth $1,615,000 after acquiring an additional 74,401 shares during the period. Hedge funds and other institutional investors own 17.03% of the company's stock.
Wall Street Analysts Forecast Growth
MUX has been the subject of a number of recent research reports. Roth Capital set a $15.00 target price on McEwen and gave the company a "buy" rating in a research note on Tuesday, July 1st. HC Wainwright lifted their price objective on McEwen from $15.50 to $17.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. National Bank Financial raised shares of McEwen to a "strong-buy" rating in a research note on Tuesday, April 29th. Wall Street Zen lowered McEwen from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, National Bankshares reiterated an "outperform" rating on shares of McEwen in a research report on Wednesday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $14.83.
Read Our Latest Research Report on MUX
Insider Buying and Selling at McEwen
In related news, Director Ian J. Ball sold 2,656 shares of McEwen stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $10.49, for a total value of $27,861.44. The transaction was disclosed in a filing with the SEC, which is available at this link. 16.10% of the stock is owned by insiders.
McEwen Stock Down 0.8%
Shares of NYSE MUX traded down $0.0910 during midday trading on Friday, reaching $10.8590. The company's stock had a trading volume of 651,299 shares, compared to its average volume of 1,062,463. The stock has a 50 day simple moving average of $10.49 and a 200-day simple moving average of $8.68. The company has a current ratio of 2.35, a quick ratio of 1.82 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $587.54 million, a price-to-earnings ratio of -43.44 and a beta of 0.88. McEwen Inc. has a fifty-two week low of $6.38 and a fifty-two week high of $11.80.
McEwen (NYSE:MUX - Get Free Report) TSE: MUX last released its earnings results on Wednesday, August 6th. The basic materials company reported $0.06 earnings per share for the quarter, missing analysts' consensus estimates of $0.09 by ($0.03). McEwen had a negative net margin of 8.05% and a negative return on equity of 2.76%. The business had revenue of $46.70 million during the quarter, compared to the consensus estimate of $49.05 million. Equities research analysts predict that McEwen Inc. will post -0.72 earnings per share for the current year.
McEwen Profile
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Free Report)
McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. It also explores for copper deposits. The company owns 100% interests in the El Gallo and Fenix projects located in Mexico; and the Black Fox Mine and Stock Mill, Grey Fox, and Froome and Tamarack properties in Canada.
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